West Babylon, NY – April 9, 2010 – (RealEstateRama) — The Multiple Listing Service of Long Island, Inc. released the March 2010 housing statistics for Long Island reporting a closed median home price of $350,000, which represents a 1.9% decrease from March 2009, and represents a 1.2% decrease from February 2010. Home prices on Long Island have been relatively stable over the past year noting that the last time the reported median home price was $350,000 was April 2009.
Although home prices are flattening across Long Island, the number of closed and contracted sales transactions in Nassau, Suffolk, and Queens during the month of March are up significantly compared to a year ago. In Suffolk County, the number of closed sales in March was 709, representing a 22.9% increase over March 2009. In Nassau County, closed sales rose by 36% over last year, and in Queens, the increase in the number of monthly closed transactions was up by 17.1% from the year prior.
The March housing data shows all three counties reporting double digit increases in the area of pending sales transactions. Nassau, Suffolk, and Queens reported significant increases across the board for the number of monthly contracted sales in March 2010 compared to March 2009. Nassau reported a 31% increase in contracted sales, Suffolk reported a 38.6% increase in contracted sales in March 2010 compared to a year ago, and Queens reported an increase of 28.2% compared to March 2009. With many buyers rushing to take advantage of the April 30th Homebuyer Tax Credit deadline, first quarter pending and closed sales this year have been healthy.
Frank Dell’Accio, MLSLI President said, “Closed and contracted home sales rose by double digits in each of the three counties that make up the Multiple Listing Service of Long Island service area. The March contracted data supports our belief that there is a strong demand from homebuyers who are most likely responding to the overall favorable market conditions (price and interest rates) as well as many homebuyers who are taking advantage of the federal tax credit.” Dell’Accio concludes, “The level of buying activity is quite strong and if it continues as we anticipate, it will produce a very robust spring sales season.”
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Press Release Contact:
Christina DeFalco
Public Relations and Communications Specialist
631-661-4800 Ext. 358
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The Multiple Listing Service of Long Island, Inc., (MLSLI) a subsidiary of the Long Island Board of REALTORS®, Inc.(LIBOR) is a computerized network of more than 2,400 participating real estate offices. For more information about the MLS, and Long Island real estate, visit our web site at www.mlsli.com.
